Deals – 13 March 2014

Allen & Gledhill has advised Top Global Ltd in respect of the acquisition of approximately 71.52 percent of the issued share capital of PT Suryamas Dutamakmur Tbk. The transaction was valued at approximately S$153 million (US$120.6m). Partners Christopher Ong, Sharon Wee and Hilary Low led the transaction.

Allen & Overy has advised specialist global insurer Hiscox Ltd and its subsidiary, Hiscox plc (Hiscox), in respect of Hiscox’s acquisition of the DirectAsia group by way of an acquisition of the entire share capital of Direct Asia Insurance (Holdings) Pte Ltd (DAIH) from Whittington Group Pte Ltd (WGPL) for an initial cash sum of US$55 million and a further amount of deferred consideration subject to certain earn-out provisions. The transaction, which is subject to regulatory approval from the Office of the Commissioner of Insurance of Hong Kong, marks the Hiscox group’s entry into the Asia-Pacific market. The Hiscox group operates a specialist insurance business in the UK, Bermuda, Guernsey, the USA and Europe. The DirectAsia group operates a direct insurance business in Singapore, Hong Kong and Thailand, selling insurance directly online without an intermediary. DAIH is an insurance holding company indirectly owned (through WGPL) by two private equity funds, UCL Asia Ltd and General Enterprise Management Services, and two private investors. Partner Chris Moore, with support from partner Richard Cranfield, led the transaction. Clyde & Co, led by partner Ian Stewart, advised Whittington Group.

Allens has acted for Singapore-based sovereign wealth fund GIC in respect of the establishment of its joint venture with Macquarie for the purchase of an interest in specialist student accommodation developer and operator Iglu and in their projects at Chatswood and Central, Sydney. Iglu owns approximately A$150 million (US$135.5m) worth of student accommodation in Sydney and is currently developing accommodation in Brisbane. The deal is believed to be the biggest single transaction in the Australian student accommodation sector. Partner Nicholas Cowie led the transaction. King & Wood Mallesons advised Macquarie Capital.

Allens is also acting as global coordinating counsel and lead counsel on transaction documentation to Beijing Capital Group (BCG) in respect of its NZ$950 million (US$803.7m) acquisition from ASX-listed Transpacific Industries Group Ltd of its integrated waste management business in New Zealand. BCG is one of China’s leading state-owned infrastructure enterprises as well as one of China’s most prominent real estate developers. BCG had in December 2013 total assets and revenues exceeding US$21 billion and US$3.7 billion, respectively. Completion of the sale is expected by the end of June 2014, subject to customary conditions precedent, including obtaining consent from the New Zealand Overseas Investment Office and Chinese regulatory approvals. Partner Jeremy Low is leading the transaction whilst Russell McVeagh and Jun He are acting as New Zealand and PRC counsel, respectively. Transpacific Industries Group is advised by Chapman Tripp, Ashurst and Guantao Law Firm.

Amarchand & Mangaldas & Suresh A Shroff Co has advised International Finance Corporation (IFC) in respect of its investment in Flexituff International Ltd by way of subscription to approximately 5.96 percent of Flexituff’s equity share capital outstanding on a fully diluted basis immediately following the IFC subscription valued at approximately INR43.75 crores (US$7.18m) and Flexituff’s foreign currency convertible bonds valued at approximately US$9 million. The equity subscription and the foreign currency convertible bonds closed on 30 December 2013 and 30 January 2014, respectively. Partners Ravindra Bandhakavi and Shweta Shroff Chopra led the transaction. Flexituff International was advised by ALMT Legal.

Amarchand & Mangaldas & Suresh A Shroff Co has also advised IT solutions company Micro Clinic India Private Ltd and its promoter Tarun Seth in respect of a share purchase agreement with Japanese engineering and electronics conglomerate Hitachi Ltd, through its subsidiary Hitachi Systems Ltd, for Hitachi to acquire 76 percent stake in Micro Clinic from Tarun Seth. The deal also involved restructuring of Micro Clinic’s affiliate company, Micro Clinic Software India Private Ltd, to make it a subsidiary of Micro Clinic as a part of the transaction. Partners Pooja Mahajan, Ishita Kapur, Ranjan Negi and Dev Robinson led the transaction which was signed on 25 February 2014 and is scheduled to close on 19 March 2014. Morrison & Foerster (Tokyo) and Khaitan & Co (Delhi) represented Hitachi Systems.

ATMD Bird & Bird has acted for the offeror in respect of the voluntary conditional offer for the issued share capital of Communication Design International Ltd for US$11.2 million in cash. Communication Design is a marketing services group providing extensive project management of brand communication via three dimensional presentations which builds and installs brand presentations worldwide. Partner Marcus Chow led the transaction.

AZB & Partners has advised Proprium Finance Coöperatief UA in respect of the issuance by Parsvnath Estate Developers Private Ltd of rated, listed, secured, redeemable non-convertible debentures aggregating to approximately INR2.1 billion (US$34.47m) on a private placement basis. The debentures have now been listed on the wholesale debt segment of the Bombay Stock Exchange. Partner Sai Krishna Bharathan led the transaction which was completed on 4 February 2014.

AZB & Partners has also advised Indian Railway Finance Corporation Ltd in respect of its issuance of approximately US$500 million 3.917 percent notes to be listed on the SGX. Partner Varoon Chandra led the transaction which was completed on 27 February 2014.

Baker & McKenzie has advised CITIC Securities, as the sole sponsor, and CLSA, as the sole global coordinator, in respect of the US$330 million global offering of Poly Culture Group Corporation Ltd. The global offering received overwhelming interest whilst the Hong Kong retail offering was over-subscribed by more than 600 times. The H shares of Poly Culture commenced trading on the HKSE on 6 March 2014. The Beijing-headquartered Poly Culture is a leading culture and art enterprise in China. It has three main business segments, namely art business and auction, performance and theatre management, and cinema investment and management. It is the largest art auctioneer in China in terms of aggregate art auction turnover and is one of the largest theatre management companies in China in terms of the number of theatres in operation. In 2011, Poly Culture was ranked as one of the “Top Ten Most Influential National Culture Industry Base” by the PRC Ministry of Culture. Partner Jackie Lo, with partner Edwin Li, led the transaction. Clifford Chance, led by partners Tim Wang, Jean Yu and Jean Thio, advised Poly Culture Group.

Clayton Utz has also advised Euroz Securities Ltd and BBY Ltd as joint lead managers in respect of a A$14.3 million (US$12.8m) raising by Flinders Mines Ltd. The raising comprises a A$6.8 million (US$6m) share placement to institutional and sophisticated investors and a fully underwritten 1 for 7 non-renounceable entitlements issue at A$0.025 (US$0.022) to raise total proceeds of approximately A$7.5 million (US$6.7m). Euroz Securities and BBY were also joint underwriters to the non-renounceable entitlement issue. Partner Mark Paganin also led the transaction which was announced on 28 February 2014.

Clifford Chance has advised COFCO Corporation in respect of the acquisition of a 51 percent stake in Nidera, a global commodity trader and agribusiness company headquartered in the Netherlands. COFCO is the largest grain, oil and foodstuff company in China with a business portfolio covering agriculture commodity trading and processing, branded consumer foods, packaging materials and products, hotels and real estate, finance and others. The proposed partnership will provide Nidera access into the Chinese market and also strengthen COFCO’s position as a key player in the global agricultural industry through Nidera’s global origination and trading network and its fast-growing seed business. Partners Terence Foo and David Griston led the transaction.

Clifford Chance is also advising The Carlyle Group in respect of its approximately US$1.93 billion acquisition of Tyco Fire & Security Services Korea Co Ltd and its subsidiaries, composed of Caps Co Ltd, Capstec Co Ltd and ADT Security Co Ltd that form and operate the company’s Korean security business ADT Korea, from US-listed Tyco, the world’s largest pure-play fire protection and security company. The transaction is the largest private equity buyout deal in US dollar value in Korea since 2008. ADT Korea is a provider of advanced security solutions in Korea, serving approximately 475,000 small-and-medium-sized businesses, commercial and residential customers. Partner Simon Cooke, with partner Hyun Kim, is leading the transaction which is subject to regulatory approval and is expected to close in the second quarter of 2014.

Davis Polk is advising HKSE-listed Forgame Holdings Ltd in respect of its US$90 million acquisition of shares in Magic Feature Inc. The sale and purchase agreement was signed between Forgame and shareholders of Magic Feature on 3 March 2014. Headquartered in Guangzhou, Forgame is a developer and publisher of web-games in China with a 24 percent market share of net revenue from web-game development industry in 2012. Magic Feature and its subsidiaries develop and publish mobile games. One of its key mobile games is “Tower of Saviors” which is distributed in, among others, Hong Kong and Taiwan, with a substantial number of users and high download rates. Partner Paul Chow led the transaction.

Deacons has advised Cinda International Capital Ltd as the sponsor, Cinda International Securities Ltd as the global coordinator, book-runner and lead manager, and underwriters in respect of Huisheng International Holdings Ltd’s IPO on the HKSE which raised HK$283 million (US$36.46m), including the exercise of the over-allotment option. Huisheng, which listed on the HKSE on 28 February 2014, is principally engaged in the production and sale of pork products and is one of the largest pork suppliers in Changde, Hunan Province, China. Partner Sabrina Fung led the transaction whilst Zhong Lun Law Firm advised as to PRC law. Cheung & Lee in association with Locke Lord (HK), led by partner Michael Fung, advised Huisheng International Holdings as to Hong Kong law whilst Jingtian & Gongcheng advised as to PRC law and Conyers Dill & Pearman (Cayman) advised as to Cayman Islands law.

Deacons has also advised DBS Asia Capital Ltd as the placing agent in respect of the top-up placing of shares of HKSE-listed China Vanguard Group Ltd. Partner Ronny Chow led the transaction which was valued at approximately US$36.03m. DLA Piper advised China Vanguard Group.

DLA Piper has acted for CIMB Group, Credit Suisse and JP Morgan in respect of Malaysia Airport’s successful equity offering, raising a total of US$298.6 million in proceeds. The airport operator, which owns the majority of airports in Malaysia, including in Kuala Lumpur, intends to use the proceeds to acquire a 40 percent stake in Istanbul’s second-largest international airport, Istanbul Sabiha Gokcen Airport, from India’s GMR Group and a similar stake in LGM Havalimani Isletmeleri Ticaret Ve Turizm AS. Partner Stephen Peepels led the transaction. Clifford Chance, led by partner Raymond Tong, advised Malaysia Airport Holdings Berhad on the international law aspects of its placement whilst Raslan Loong acted as Malaysian counsel.

ELP is advising Titan Industries Ltd in respect of a joint venture agreement with Montblanc Services BV Netherlands for the establishment of operations for the retail trading of Montblanc-branded products across India. Montblanc will subscribe to 51 percent whilst Titan will subscribe to 49 percent of the share capital of the proposed JV. Vinayak Burman and Archana Khosla are leading the transaction which was signed on 26 February 2014 and is yet to be completed. AZB & Partners, led by partner Darshika Kothari, is advising Montblanc.

ELP is also advising PVR Ltd in respect of a petition before the Bombay High Court challenging the constitutionality of an order issued by the State of Maharashtra which disallows the collection of convenience fee charged by multiplex operators for providing online booking of movie tickets. The convenience fee is an optional fee payable only on online booking, as patrons who do not wish to pay such fee can visit the box office to book tickets. Convenience fee collected as a payment for services is not a matter that can be regulated by the State, since it is an independent service rendered by one person to another and is subjected to service tax, levied by the central government. Partner Naresh Thacker is leading the matter.

Han Kun has acted as PRC counsel to HKSE-listed Tencent Holdings Ltd, a leading internet company serving the largest online community in China, in respect of a partnership with JD.com Inc, a leading online direct sales company in China, to provide superior eCommerce services to mobile and internet users in the PRC. Tencent is subscribing to new shares representing approximately 15 percent stake in JD and will also subscribe an additional 5 percent at IPO price after JD completes an IPO. JD will acquire 100 percent interests in Tencent’s online marketplace businesses, including QQ Wanggou B2C and PaiPai C2C, its logistics personnel and assets, and a minority stake in Yixun, with a right to acquire the remaining stake of Yixun in the future. The deal enables JD to tap Tencent’s significant mobile and internet user base, and Tencent to leverage JD’s best-in-class eCommerce services to offer superior user experiences. JD will become Tencent’s preferred partner for all physical goods eCommerce businesses. Davis Polk, led by partner Kirtee Kapoor with partners Paul Chow and Miranda So, is also advising Tencent Holdings.

J Sagar Associates has advised eBay Singapore in respect of its strategic investment in Jasper Infotech Private Ltd. eBay Singapore led this round of financing in Jasper and the investment is part of a second round of funding in Jasper, with the total investment received by Jasper from all investors in this round reaching approximately US$134 million. eBay Singapore’s new investments in Jasper raise its holding in the Indian e-commerce marketplace, building on an initial investment made in mid-2013. eBay and Jasper are competitors operating in the same business space. Given the increased investment being made, the transaction was structured in a manner which fulfilled the commercial requirements of eBay whilst at the same time balancing the interests of Jasper. Jasper, which is promoted by Kunal Bahl and Rohit Bansal, operates snapdeal.com, the fastest growing marketplace model website in the country. Partner Vivek K Chandy led the transaction which is considered one of the most significant deals in the e-commerce space in India. Bingham McCutchen, led by partner William Perkins, acted as US counsel. Jasper was represented by Indus Law, led by partner Srinivas Katta, whilst certain existing investors of Jasper were represented by KLaw, led by partner Praveen Raju.

J Sagar Associates has also represented Adani Power and Coastal Gujarat Power Ltd (CGPL), a wholly owned subsidiary of Tata Power, in respect of securing a decision on 21 February 2014 before the Central Electricity Regulatory Commission (CERC) which has allowed a compensatory tariff to Adani Power and CGPL to offset the hardship caused by unprecedented, unforeseen and un-absorbable price spiral(s) of imported coal. In doing so, CERC has given effect to the principles of “commercial impracticability” as an element of frustration of contract for a regulated contract while building safeguards against the hazard of unjustifiable renegotiations to maintain sanctity of contracts. Partners Amit Kapur, Poonam Verma and Apoorva Misra led the transaction.

Khaitan & Co has advised Avantha Holdings Ltd in respect of the issuance of rated, secured, market-linked, principal protected, non-convertible debentures up to an aggregate principal amount of US$150 million issued in multiple tranches and on a private placement basis to AION, a joint venture between ICICI Bank and Apollo Global Management. The NCDs are listed and traded on the BSE. Partner Bharat Anand led the transaction.

Khaitan & Co has also advised Standard Chartered Bank as manager in respect of Wilmar Sugar Holdings Pte Ltd’s (Singapore) proposal to subscribe to a maximum of 27.5 percent through preferential allotment in the equity shares of Shree Renuka Sugars Ltd. Wilmar has entered into agreements with Shree Renuka and its promoters which has resulted in the open offer to acquire up to 26 percent emerging voting capital of the paid-up equity shares of Shree Renuka for a total consideration of US$169 million for the subscription and open offer. Executive Director Sudhir Bassi and partner Arindam Ghosh led the transaction.

Kirkland & Ellis has represented NYSE-listed Vipshop Holdings Ltd, China’s leading discount online retailer for brands, in respect of its acquisition of a 75 percent equity interest in Lefeng.com Ltd from its parent Ovation Entertainment Ltd. Lefeng owns and operates lefeng.com, a popular online retail website in China which specialises in selling cosmetics and fashion products. The total consideration for the acquisition is approximately US$132.5 million, including cash payment and financing for assumed liabilities. The transaction was signed and closed on 14 February 2014, marking the first major strategic acquisition by Vipshop since its NYSE debut in 2012. Partners David Zhang and Frank Sun, with partners Jesse Sheley and Angela Russo, led the transaction.

Kirkland & Ellis has also represented NYSE-listed Vipshop Holdings Ltd, China’s leading discount online retailer for brands, in respect of its acquisition of a 23 percent minority equity interest in Ovation Entertainment Ltd through a share purchase and a subscription for new shares for a total consideration of approximately US$55.8 million. Ovation’s business focusses on the development of cosmetics under its proprietary brands and media products in China. The transaction was signed and closed on 21 February 2014. Partners David Zhang and Frank Sun, with partners Jesse Sheley and Angela Russo, also led the transaction.

Latham & Watkins has advised Melco Crown Entertainment Ltd (MCE) in respect of a PHP15 billion (US$337.76m) senior notes issuance by its subsidiary, MCE Leisure (Philippines) Corporation, in relation to the development of the MCE group’s Philippine casino business. The senior notes, issued on 24 January 2014, were issued under a notes facility agreement structure which has been locally developed and is unique to the Philippines. MCE provided a New York law governed parent guarantee for the senior notes. MCE Leisure issued PHP15 billion (US$337.76m) 5 percent senior notes due 2019 which were priced at 100 percent of par. MCE Leisure intends to use the net proceeds for capital expenditure, refinancing of debt and general corporate purposes. Australia and New Zealand Banking Group Ltd and Deutsche Bank AG Manila Branch served as joint lead managers for the transaction. Partners Bryant Edwards and Eugene Lee led the transaction.

Latham & Watkins has also represented SMC Global Power Holdings Corp, the Philippine-based energy subsidiary of San Miguel Corporation, in respect of the solicitation of consents for the amendment of certain terms and conditions of its US$300 million 7 percent notes due 2016. Counsel Benjamin Carale led the transaction.

Maples and Calder has acted as British Virgin Islands legal counsel to Jingneng Investment Group Co Ltd in respect of its issue of US$300 million 2.75 percent credit enhanced bonds due 2017 with the benefit of a keep-well deed provided by Beijing Energy Investment Holding Co Ltd (BEIH) and an irrevocable standby letter of credit provided by Agricultural Bank of China Ltd Beijing Branch. Jingneng is an indirect wholly-owned subsidiary of BEIH, which is in turn wholly-owned by the Municipal Government of Beijing. Partner Jenny Nip led the transaction whilst Clifford Chance, led by partners Connie Heng and Tim Wang, advised as to English and Hong Kong law. Linklaters acted as counsel in respect of English and Hong Kong law for the joint lead managers and joint book-runners, composed of Deutsche Bank, Citigroup, ABC International, China Merchants Securities (HK), Essence International and CITIC Securities International and the trustee, DB Trustees (Hong Kong) Ltd.

Maples and Calder has also acted as Cayman Islands counsel to Foxconn (Far East) Ltd in respect of the update of its US$2 billion medium term notes programme guaranteed by Hon Hai Precision Industry Co Ltd. Partner Christine Chang led the transaction. Linklaters acted as international counsel to the arrangers, Barclays Bank and Mizuho Securities Asia Ltd.

Minter Ellison has advised leading Australian buyout firm Quadrant Private Equity in respect of the raising of its seventh fund, which closed at A$850 million (US$760m) a little over a month after launching. The raising attracted significant interest from both domestic and offshore investors and was two times oversubscribed. Partner Nathan Cahill led the transaction.

Minter Ellison has also advised Ireland-based and NYSE-listed Perrigo Company plc in respect of its acquisition of a portfolio of over-the-counter brands sold in Australia and New Zealand (including the Herron range of analgesics, vitamins and supplements) from affiliates of Aspen Pharmacare. The acquisition was made via Perrigo’s wholly-owned Irish subsidiary, Elan Pharma International Ltd. Partner Leigh Brown, with partners John Fairbairn, Rhys Guild and Nathan Deveson, led the transaction which was valued at US$51 million. King & Wood Mallesons, led by partner Ros Anderson, advised Aspen Pharmacare.

Morrison & Foerster is advising Global Logistic Properties Ltd (GLP), the leading provider of modern logistics facilities in China, Japan and Brazil, in respect of its portfolio acquisition of 34 assets in Brazil from BR Properties SA, the second largest modern logistics provider in Brazil. The portfolio comprises 13 million square feet of completed logistics assets, with more than 86 percent of the portfolio located in the primary logistics markets of Sao Paulo and Rio de Janeiro which together generate in excess of 40 percent of Brazil’s GDP. The transaction, valued at US$1.36 billion, is expected to strengthen GLP’s market-leading position in Brazil, one of the world’s largest markets for logistics. GLP’s completed portfolio in Brazil will increase to 28 million square feet following completion of the acquisition. Partner Eric Piesner led the transaction in collaboration with KLA-Koury Lopes Advogados in Brazil.

Paul Hastings has represented CITIC Securities Corporate Finance (HK) Ltd as the sole sponsor and CLSA Ltd as the sole global coordinator, book-runner and lead manager in respect of Poly Cultural Group Corporation Ltd’s US$331 million global offering and listing of its H-shares on the HKSE. Poly Cultural Group is a leading culture and art enterprise in China with diversified business operations covering art business and auction, performance and theater management, and cinema investment and management. Partners Raymond Li, Steven Winegar and Zhaoyu Ren led the transaction.

Paul Hastings has also advised Gemdale (Asia) Investment Ltd, a wholly-owned subsidiary of Famous Commercial Ltd, in respect of its issuance of RMB1.05 billion (US$171m) guaranteed bonds due 2017. Standard Chartered Bank (Hong Kong) Ltd, CICC HK Securities, Credit Suisse, DBS Bank Ltd, Deutsche Bank, The Hongkong and Shanghai Banking Corporation and Industrial and Commercial Bank of China (Asia) Ltd acted as the underwriters. The Hongkong and Shanghai Banking Corporation also acted as the trustee. The Bonds will be unconditionally and irrevocably guaranteed by Famous, Kudos International Company Ltd, Dignity Commercial Company Ltd, Gemdale Laureate Ltd, Evergreen Commercial Company Ltd and Jade Commercial Company Ltd. Gemdale and the subsidiary guarantors are wholly-owned subsidiaries of the Shanghai-listed Gemdale Corporation, one of the leading large-scale integrated residential property developers in China. Partner Vivian Lam led the transaction.

Rajah & Tann has represented Fu Yu Corporation Ltd in respect of the voluntary conditional cash partial offer by Ng Hock Ching to acquire approximately 10.3 percent of the total number of issued ordinary shares in the capital of the company, other than shares held in treasury and shares already owned, controlled or agreed to be acquired by the offeror or any party acting in concert with him. Fu Yu is one of the largest manufacturers and suppliers of high-precision injection moulds and plastic parts in Asia and currently has 11 plants in Singapore, Malaysia and China. Taking a vertically integrated approach from design to assembly, the markets that the company serves include IT, telecom, automotive, medical, electronic and electrical appliance sectors. Partner Danny Lim led the transaction which was valued at S$6.3 million (US$4.96m) and is yet to be completed.

Rajah & Tann is also representing Lifebrandz Ltd in respect of its S$3.44 million (US$2.7m) placement of shares to private investors to fund working capital and repayment of shareholder’s loan. Lifebrandz is engaged in brand development and management, with interests in lifestyle-related and entertainment sectors, and leveraging on its core competence in developing brands. Partners Danny Lim and Chia Lee Fong are leading the transaction which was signed on 26 February 2014 and is yet to be completed.

Shook Lin & Bok is acting for SunVic Chemical Holdings Ltd in respect of a proposed joint venture with Arkema Asie SAS which involves the proposed disposal of all SunVic’s acrylic acid and acrylate esters production facilities for an estimated RMB3.9 billion (US$635.3m) upon completion of the entire deal. Partners Wong Gang and Tan Wei Shyan are leading the transaction.

Shook Lin & Bok has also acted for HSBC Institutional Trust Services (Singapore) Ltd as the trustee in respect of the S$300 million (US$236.8m) 5.75 percent perpetual capital securities issued by SGX-listed Hyflux Ltd, a global fully-integrated water solutions company. Partner Pok Eu Jin advised on the transaction.

Skadden has acted as Hong Kong, Japanese and US counsel to Fast Retailing, the global clothing retailer headquartered in Tokyo, in respect of its listing of Hong Kong depositary receipts (HDRs) on the HKSE. Best known for its UNIQLO brand, Fast Retailing has a US$36.4 billion market capitalisation and is the largest clothing retailer in the Asia Pacific as well as the fourth-largest specialty store retailer of private-label apparel in the world. This transaction is the first Hong Kong listing filed and completed under the joint policy statement regarding the listing of overseas companies issued by the HKSE and the Securities and Futures Commission in September 2013. The transaction was also the first listing of HDRs in Hong Kong since 2011 and the first secondary listing in Hong Kong since 2011. Morgan Stanley Asia Ltd acted as the sole sponsor. Fast Retailing’s stock will continue to have its primary listing on the first section of the Tokyo Stock Exchange. Partners Christopher Betts, Nobuhisa Ishizuka and Edward Lam led the transaction. Paul Hastings, led by partners Catherine Tsang and Scott Saks, advised JPMorgan Chase Bank NA as the depositary bank on Fast Retailing’s secondary listing.

Slaughter and May Hong Kong has advised Arcadis NV, the global natural and built asset design and consultancy firm listed in the Netherlands, in respect of the acquisition of the inProjects group and the Genesis group. These groups operate project management, store fitting and sourcing businesses in various jurisdictions across the Asian Pacific region, including China, Hong Kong, India, Singapore and Macau. Partner David Watkins led the transaction which was announced on 3 March 2014.

Soewito Suhardiman Eddymurthy Kardono has acted as Indonesian counsel to Woori Bank of South Korea in respect of its purchase of a 33 percent stake in Indonesia’s Bank Himpunan Saudara 1906 for IDR713.1 billion (US$62.7m). Securing approval from Indonesia’s central bank, Bank Indonesia, for the purchase took about 18 months amid an evolving regulatory environment for bank acquisitions in the country. Bank Saudara is listed on the Indonesia Stock Exchange, so the deal also required the navigation of capital market rules for bringing in a foreign bank as a significant shareholder. Woori Bank has had a presence in Indonesia since 1992 through Bank Woori Indonesia, which deals mainly with Korean companies operating in the country. With this purchase, the Korean lender hopes to increase its presence in the dynamic Indonesian market. Bank Saudara is part of the Medco Group, a business conglomerate involved mainly in the energy sector. Partner Fahrul S Yusuf led the transaction.

Trilegal has advised a consortium comprised of TAQA, the international energy and water company primarily owned by the Abu Dhabi government, Indo-Infra Inc, a wholly-owned subsidiary of Canadian Public Sector Pension Investment Board (PSP), and India Infrastructure Fund–II, a fund managed by IDFC Alternatives Ltd (IIF II), in respect of definitive agreements to purchase the 300M MW Baspa Stage II and 1091 MW Karcham Wangtoo hydro-electric power plants from Jaiprakash Power Ventures Ltd. The deal is one of the biggest foreign direct investment transactions in India in recent times and one of the most significant in the Indian power sector. After this acquisition, the purchasers will be one of the largest private players in the hydro power sector in India. Partners Yogesh Singh and Saurabh Bhasin led the transaction which was valued at approximately US$616 million. Vaish & Associates, led by partner Bomi Daruwala, acted for Jaiprakash Power Ventures Ltd. AZB & Partners, led by partner Ashwin Ramanathan, advised Canadian Public Sector Pension Investment Board (PSP).

Wong & Partners, member firm of Baker & McKenzie International, has advised AIF Capital Asia IV LP in respect of its acquisition of a stake in NV Multi Asia Sdn. The transaction is AIF’s first portfolio investment in a portfolio company in Malaysia. Partner Munir Abdul Aziz led the transaction with partners Wong Ai Ai, Mark Innis and Dorothea Koo.

WongPartnership has advised Citigroup Global Markets Singapore Pte Ltd in respect of the investment in Global Logistic Properties Ltd (GLP) and its wholly-owned subsidiary Iowa China Offshore Holdings (Hong Kong) Ltd by a consortium of state-owned enterprises and leading financial institutions, including Bank of China Group Investment Ltd, HOPU Logistics Investment Management Company Ltd, as well as certain present and future GLP employees. Partners Ng Wai King and Dawn Law led the transaction.

WongPartnership is also acting for Chemoil Energy Ltd in respect of its proposed voluntary de-listing from the SGX and exit offer by Singfuel Investment Pte Ltd, an indirect wholly-owned subsidiary of Glencore Xstrata plc, to acquire all shares not already owned, controlled or agreed to be acquired by Singfuel Investment. Partners Andrew Ang and Dawn Law led the transaction.